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What To Watch In The Canadian Markets This Week

Published 2019-11-18, 08:59 a/m
Updated 2023-07-09, 06:31 a/m

Latest Inflation Numbers Due Out Wednesday

Statistics Canada will release its Consumer Price Index for October on Wednesday.

In August and September, the indicator that measures the rate of annual inflation was 1.9%. The figure is closely tucked within the Bank of Canada’s 2% target, which the central bank has described as its ideal mark.

According to the September numbers, the upward pressure on prices was held back mostly by lower gas prices. But if gas prices were excluded from the calculation, the inflation number for September was 2.4%, the same as the two previous months.

Other line items that held price growth in check in September included drops in airfares, internet services, tuition fees and telephone services.

Some analysts are expecting the inflation rate to drop slightly early in the new year.

The BoC’s next rate decision is expected Dec. 4.

Bank of Canada Governor Speaks Tuesday

Senior deputy governor of the Bank of Canada Carolyn Wilkins will address the International Finance Club of Montreal on Tuesday. The topic is expected to focus on the safeguarding of the financial system, including cyber security.

The topic came up at a meeting earlier this month where a central bank official participated. At a meeting of the Information Technology Association of Canada, Filipe Dinis, the BoC’s chief operating officer, said there was a need to “urgently set up” the spirit of collaboration in the Canadian economy to face this growing threat.

“We need to encourage regular exercises that present companies with complex scenarios to test their cyber defences and response capabilities. Even the process of designing risk scenarios can help companies determine potential sources of risk,” Dinis was quoted in a published report.

He also called for new government regulation to deal with the threats.

Keystone Oil Pipeline Update

Days after the Keystone oil pipeline resumed transporting oil after a breach that caused the leak of an estimated 1.4 million litres of oil in North Dakota last month, the operators of the pipeline will be providing company stakeholders a strategic outlook on Tuesday.

TC Energy Corp officials will provide an update on its operations during its annual Investor Day. The Calgary-based company, which has struggled with securing approval for pipeline expansions in both Canada and the U.S., was formally known as TransCanada Corp. The company changed its name earlier this year after shareholders approved the move.

At that time CEO Russ Girling was quoted: “The name TC Energy acknowledges our origin as TransCanada Pipelines, while adding the word ‘energy’ speaks to the breadth of our business, which includes pipelines, power generation and energy storage.”

CannTrust, Weston, Metro Report This Week

Among some of the most notable Canadian companies reporting earnings this week are:

CannTrust Holdings Inc (TSX:TRST) will unveil its latest quarterly results on Monday. The Ontario-based cannabis cultivator has seen its market cap take a dive since it was revealed it was growing marijuana in unlicensed rooms within its greenhouse facilities in Pelham, Ont.

In September, Health Canada suspended the company’s licenses to produce and sell cannabis, although allowed it to continue harvesting from existing plants in licensed facilities.

Last month, CannTrust updated shareholders on its progress to meet regulatory compliance in order to have its operating licences fully reinstated.

Share prices have lost more than 86% of their value in the last year. CannTrust stock has gone from $13.45 on March 27 (US$10.04), to closing at $1.15 (US$0.875) last Friday .

On Tuesday, George Weston Limited (TSX:WN) will release its third-quarter earnings. The Toronto-based retailer and bakery, which also has a large real-estate portfolio, has seen its stock rise 10% in the past year, which takes into account a 7.7% drop since hitting an all-time high of $113.35 in September.

Weston stock closed last Friday at $104.50, a gain of 0.53% on the day.

Another grocery retailer, Metro Inc . (TSX:MRU), will report its fourth-quarter results on Wednesday. The company has been aiming to reduce its labour costs by introducing automated services, including increasing the number of self checkouts.

The chain store operator has a market cap of $14.21 billion and has seen its stock rise almost 29% in the past year. It’s stock closed at $55.90 last Friday, up 0.79% on the day.

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